Business / Real Estate Glossary

Bankruptcy: A condition of financial insolvency in which a persons liabilities exceed assets and the person is unable to pay current debts.

Bankruptcy Score: A scoring system to indicate risk of borrower default.

Bargain And Sale Deed: A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed a . . . View Full Definition

Base Line: One of a set of imaginary lines running east and west used by surveyors for reference in locating and describing land under the government survey method of property description.

Basic Form Homeowners Policy: The most common homeowners policy is called a basic form. It provides property coverage against fire and lightning, glass breakage, windstorm and hail, explosion, riot and civil commotion, d . . . View Full Definition

Basis: The dollar amount that the Internal Revenue Service attributes to an asset for purposes of determining annual depreciation or cost recovery, and gain or loss in the sale of the asset. The de . . . View Full Definition

Before-Tax Cash Flow: The result when the annual debt service is subtracted from the net operating income.

Benchmark: A permanent reference mark or point established for use by surveyors in measuring differences in elevation.

Beneficiary: A person who receives benefits from the gifts or acts of another, as in the case of one designated to receive the proceeds from a will, insurance policy, or trust, the real owner, as opposed . . . View Full Definition

Beneficiary Statement: When an existing loan is to be paid or assumed by a buyer, the escrow agent will obtain a statement of the balance due on the loan so the buyer receives the proper amount of credit.

Best-Faith Estimate: The acquisition cost is the purchase price plus a best-faith estimate of all settlement costs.

Bilateral Contract-Agreement: A contract in which each party promises to perform an act in exchange for the other partys promise to perform. The usual real estate contract is an example of a bilateral contract in which t . . . View Full Definition

Bill Of Sale: A written agreement by which one person sells, assigns or transfers to another his or her right to, or interest in, personal property. A bill of sale is sometimes used by a seller of real es . . . View Full Definition

Binder: An agreement that may accompany an earnest money deposit for the purchase of real property as evidence of the purchasers good faith and intent to complete the transaction.

Binder Policy: A type of title insurance policy offered by some title companies which allows for a refund of the basic title insurance rate if the property is sold within a specified period of time.

Biweekly Loan: A loan with twice-monthly payments to match a borrowers payroll schedule.

Blanket Loan: A mortgage covering more than one parcel of real estate, providing for each parcels partial release from the mortgage lien upon repayment of a definite portion of the debt.

Blanket Trust Deed: A trust deed secured by several properties or a number of lots. A blanket mortgage is often used to secure construction financing for proposed subdivisions or condominium development project . . . View Full Definition

Page: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82